Costco is boosting the price of its standard Gold Star membership by $5 to $60 a year. The Executive membership, which offers additional discounts and an annual reward on purchases, will go up $10 to $120 a year.
The company made the announcement on Thursday as it released its latest earnings, which disappointed Wall Street. Sales and profits were lower than expected. Shares of Costco (COST) fell 4% in early trading Friday.
Costco is facing tough competition from Sam’s Club, the warehouse company owned by Walmart, and Target. Both have lowered prices to woo more customers.
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Published March 3rd, 2017